Springboard advises on Proximity sale
Birmingham-based corporate finance adviser Springboard has worked with the shareholders of Proximity Communications on the sale of the business to Maintel plc.
Proximity specialises in voice and data network infrastructure services and works with a range of technology partners. The business, headquartered in Berkshire with a further office in London, had revenue of £12.4m and profit before tax of £1.1m in the year ended 31 December 2013.
Maintel is an AIM-listed provider of unified communications, contact centre, voice, mobile and data services.
The deal was led for Springboard by partner Justin Sparks and assistant director James Bailey.
Sparks said: "The shareholders have worked hard over a number of years to grow Proximity into a market-leading business with substantial recurring revenues and an excellent customer base.
"We secured a range of competitive offers from a rapidly consolidating market place. We are delighted to have negotiated and delivered the exit and believe that the sale to Maintel represents an excellent deal for both sides."
The shareholders of Proximity were also advised by Rod Thomas and Alison Scott of Worcester-based Harrison Clark Rickerbys.